This exercise will help you identify the journal in which to record specific transactions.
A list of abbreviations and a list of transactions (in random order) follow:
Abbreviations
S = Two-Column Sales Journal
CR = Multiple-Column Cash Receipts Journal
P = Single-Column Purchases Journal
CP = Multiple-Column Cash Payments Journal
GJ = Two-Column General Journal
Instructions
For each transaction, indicate the journal in which it would be recorded.
Transactions
1. Sold merchandise for cash.
2. Purchased merchandise for cash.
3. Made an adjusting entry for accrued salaries.
4. Made collection on an accounts receivable.
5. Paid rent for the month.
6. Accepted a note receivable from a customer in settlement of an account receivable.
7. Paid salaries for the current period.
8. Wrote a check to buy treasury stock.
9. Returned merchandise to a supplier for credit.
10. Sold merchandise on account.
11. Purchased merchandise on account.
12. Purchased equipment for cash.
13. Purchased equipment on account.
14. Purchased office supplies for cash.
15. Purchased office supplies on account.
16. Recorded depreciation on equipment for the period.
17. Received return of merchandise from a customer who had purchased it on credit. Issued a credit memorandum.
18. Recorded an adjustment for supplies used.
19. Recorded an adjustment for insurance which had expired.
20. Paid freight bill on purchases of merchandise inventory.
21. Loaned money to an employee.
22. Paid for merchandise which had been purchased on account. Paid within the discount period.
23. Recorded accrued revenue.
24. Paid the utilities bill.
25. Closed the temporary accounts.
26. Removed merchandise inventory from shelf for owner”s personal use.
27. Paid a creditor after the 2% discount period lapsed.
28. Gave a cash refund to a customer who returned merchandise.
29. Paid freight on goods shipped to a customer FOB destination.
30. Collected revenue in advance.
31. Paid for an insurance premium one year in advance.
32. Received an additional investment of cash from an owner.
33. Sold inventory on credit.
34. Purchased inventory on credit.
35. Received a cash refund from a supplier upon return of merchandise.
36. Collected interest from employee who borrowed money.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
